Bold Penguin, a Columbus, OH-based commercial insurance technology provider, is to acquire RiskGenius, a provider of insurance document intelligence software.
The amount of the deal was not disclosed.
The acquisition will add RiskGenius’s data and analytics products, as well as the team, to Bold Penguin’s existing SaaS platform. RiskGenius will become part of Bold Penguin’s insurance intelligence effort, which leverages data and has a focus on intuitive workflow processing.
This is Bold Penguin’s second InsurTech acquisition this year, following the purchase of Xagent, continuing to build on its position as the market leader in the $300 billion commercial insurance connectivity space.
Led by Chris Cheatham, CEO and Founder, RiskGenius provides an AI-driven, SaaS-based solution developed specifically for the insurance industry. It applies machine learning to insurance policies, allowing users to rapidly understand terms of coverage across a library of policy documents including policy review, compliance, competitive analysis and emerging risk assessments. This enables carriers and brokers to efficiently assess, analyze, and compare policies and coverage language.